文化治理的力量：企业超额杠杆的红色药方

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-12-09 DOI:10.1016/j.frl.2024.106626

Mingrui Zhang, Danni Zheng

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引用次数: 0

摘要

本文引入红色文化的视角，研究其对企业超额杠杆的治理效应。我们稳健地发现，红色文化能显著抑制企业超额杠杆率。其主要机制是企业社会责任的增强和组织纪律的强化。此外，这种效应在国有企业和开放程度较高地区的企业中更为明显。我们为文化治理在企业财务管理中的作用提供了一个新的视角，并为企业管理和政策制定提供了实际指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The power of cultural governance: The red prescription for corporate excess leverage

This paper introduces the perspective of red culture to examine its governance effect on corporate excess leverage. We robustly find that red culture significantly curbs corporate excess leverage. The primary mechanisms are the enhancement of corporate social responsibility and the strengthening of organizational discipline. Furthermore, the effect is more pronounced in state-owned enterprises and firms located in regions with a higher degree of openness. We provide a new perspective on the role of cultural governance in corporate financial management and offers practical guidance for both corporate management and policy-making.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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